Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q4 2024 Earnings Presentation
31 slides from Fresenius Medical Care's earnings presentation, Feb 25, 2025
Slide 1: Q4/FY 2024 IR Conference Call - Analyst Presentation
Analyst Presentation Helen Giza CEO & Chair of the Management Board Martin Fischer CFO February 25, 2025 Q4/FY 2024 IR Conference Call
Slide 2: Safe harbor statement
Safe harbor statement: In this Safe harbor statement, “the Company” and “Fresenius Medical Care” refer to Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conve
Slide 3: Strategic Progress in 2024, Q4 Business Update, Outlook
1 Strategic Progress in 2024 2 Q4 Business Update 3 Outlook
Slide 4: 2024 | Successful execution in year two of turnaround and transformation
2024 | Successful execution in year two of turnaround and transformation Q4 2024 Conference Call STRATEGIC PROGRESS OPERATIONAL PERFORMANCE ▪ Strengthened foundation and accelerated momentum for ▪ Group organic revenue growth¹ of 4.1% future profitable growth ▪ Upper end of the 2024 operating income
Slide 5: Strengthened financial performance driving enhanced value creation
Strengthened financial performance driving enhanced value creation Q4 2024 Conference Call MARGIN IMPROVEMENT ON TRACK FME25 SAVINGS AHEAD OF PLAN Operating income margin¹ Accumulated FME25 savings in € million 9.5% 9.7% 10.3% 567 9.3% Group 7.9% 8.1% Care Delivery 346 6.1% 2.3% Care Enablement 1.9%
Slide 6: 2024 | Further divestitures closed as execution of plan continues
2024 | Further divestitures closed as execution of plan continues Q4 2024 Conference Call Portfolio optimization plan as presented in 2023 Divestments of non-core and margin dilutive assets as part of ongoing portfolio optimization plan Closed divestments ▪ CD and CE operations in Argentina ✓ ▪ CD o
Slide 7: 2024 | Top end of operating income outlook achieved
2024 | Top end of operating income outlook achieved Q4 2024 Conference Call Outlook FY 2024 Low- to mid-single digit Revenue outlook base percent growth +2% FY 2023 basis: EUR 19.0bn FY 2024: EUR 19.5 bn Operating income 16 – 18 percent growth outlook base FY 2023 basis: EUR 1.54bn +18% FY 2024: EUR
Slide 8: Strategic Progress in 2024, Q4 Business Update, Outlook
1 Strategic Progress in 2024 2 Q4 Business Update 3 Outlook
Slide 9: Q4 2024 | Strong year-end performance
Q4 2024 | Strong year-end performance Q4 2024 Conference Call ▪ Organic revenue growth1 of +7.4% supported by Care Q4 Enablement and Care Delivery ▪ Underlying positive U.S. same market treatment growth accelerated to 0.5% ▪ Exceeding full year FME25 savings target, with additional EUR 48 million co
Slide 10: Q4 2024 | Organic revenue growth accelerated, margin further improved
Q4 2024 | Organic revenue growth accelerated, margin further improved Q4 2024 Conference Call Revenue | outlook base1 Operating income | outlook base1 in € million Margin in % 8.6% 7.7% 9.6% 5.1% +4.9% outlook base1 4,988 5,069 16 5,085 31.0% 4,834 +7.4% outlook base1 -154 489 0 organic2 428 373 -55
Slide 11: Q4 2024 | Operating income and margin growth driven by both segments
Q4 2024 | Operating income and margin growth driven by both segments Q4 2024 Conference Call Margin in % 7.7% 9.6% In € million 126 102 489 0 -7 -16 428 37 373 -181 259 -230 Q4 2023 Special Tricare Q4 2023 Care Care Inter- Corporate Q4 2024 Fx Special items Q4 2024 operating items & Settlement opera
Slide 12: Q4 2024 | Care Delivery accelerated organic growth and improved margin
Q4 2024 | Care Delivery accelerated organic growth and improved margin Q4 2024 Conference Call Revenue | outlook base1 Operating income | outlook base1 in € million in € million Margin in % outlook base1 outlook base1 10.0% 10.7% +9.7% +3.1% 16 -33 419 3,812 +6.3% 3,929 382 54 organic2 3,104 3,338 U
Slide 13: Q4 2024 | Care Enablement strongly increased operating income margin
Q4 2024 | Care Enablement strongly increased operating income margin Q4 2024 Conference Call toward target margin band Revenue | outlook base1 Operating income | outlook base1 in € million in € million Margin in % outlook base1 1.3% 7.8% +9.9% outlook base1 1,536 +548% 1,398 120 +9.7% 19 -15 organic
Slide 14: Q4 2024 | Lower net financial debt and improved net leverage ratio
Q4 2024 | Lower net financial debt and improved net leverage ratio Conference Q4 2024 Call in € million Q4 2024 Q4 2023 ∆ in % FY 2024 FY 2023 ∆ in % Key developments Operating cash flow 832 719 16 2,386 2,629 -9 ▪ In Q4 2024, operating cash flow strongly ▪ Capital expenditures, net (233) (239) -2 (
Slide 15: Strategic Progress in 2024, Q4 Business Update, Outlook
1 Strategic Progress in 2024 2 Q4 Business Update 3 Outlook
Slide 16: Outlook | FY 2025 assumptions
Outlook | FY 2025 assumptions Q4 2024 Conference Call Operating income assumptions ▪ Operating income drivers in EUR million Revenue assumptions Incremental FME25 savings 180 ▪ Revenue drivers Business growth 500-600 − U.S. same market treatment growth of above +0.5% − Portfolio optimization (realiz
Slide 17: Outlook | FY 2025 | Strong earnings growth
Outlook | FY 2025 | Strong earnings growth Q4 2024 Conference Call FY 2025 Revenue & Operating Income Positive to a low-single digit Revenue percent growth FY 2024 basis: EUR 19,336 million Implied Group operating income margin around 11% to 12% High-teens to high-twenties Operating percent growth i
Slide 18: Your questions are welcome.
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Slide 19: Appendix
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Slide 20: Q4 2024 | Profit and Loss
Q4 2024 | Profit and Loss Q4 2024 Conference Call Q4 2024 Q4 2023 Growth Growth € million € million in % in % cc Revenue 5,085 4,988 2 2 Revenue (outlook base)1 5,069 4,834 5 Operating income 259 428 -39 -39 Operating income margin in % 5.1 8.6 Operating income (outlook base)1 489 373 31 Operating i
Slide 21: FY 2024 | Profit and Loss
FY 2024 | Profit and Loss Q4 2024 Conference Call FY 2024 FY 2023 Growth Growth € million € million in % in % cc Revenue 19,336 19,454 -1 0 Revenue (outlook base)1 19,454 19,049 2 Operating income 1,392 1,369 2 3 Operating income margin in % 7.2 7.0 Operating income (outlook base)1 1,812 1,540 18 Op
Slide 22: 2023 base for 2024 targets, reconciliation adjustments (Q4)
2023 base for 2024 targets, reconciliation adjustments Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Inter-segment Group Care Delivery Care Enablement Corporate eliminations € million Q4 2024
Slide 23: 2023 base for 2024 targets, reconciliation adjustments (FY)
2023 base for 2024 targets, reconciliation adjustments Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Inter-segment Group Care Delivery Care Enablement Corporate eliminations € million FY 2024
Slide 24: Debt
Debt Q4 2024 Conference Call FY 2024 FY 2023 FY 2022 € million € million € million Debt Short-term debt from unrelated parties 2 457 644 + Short-term debt from related parties - - 4 + Current portion of long-term debt 575 487 694 + Current portion of lease liabilities from unrelated parties 616 593
Slide 25: EBITDA
EBITDA Q4 2024 Conference Call Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures FY 2024 FY 2023 FY 2022 € million € million € million Net income 741 732 895 + Income tax expense 316 301 325 − Interest income -72 -88 -68 + Interest expen
Slide 26: Return on Invested Capital (ROIC) continued to be impacted by lower earnings
Return on Invested Capital (ROIC) continued to be impacted by lower Q4 2024 Conference Call earnings 12.4% rep. 8.6% 7.8% 8.0% adj. 8.0% adj. 7.1% 6.6%adj. 6.1% rep. 5.1% adj. 5.8% rep. 3.9% adj. 3.6% adj. 4.5% adj. 4.9% rep. 3.5% rep. 3.3% rep. 2.8% rep. 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 27: Exchange rates, U.S. dialysis days per quarter, definitions
Exchange rates, U.S. dialysis days per quarter, definitions Q4 2024 Conference Call Exchange rates U.S. dialysis days per quarter Q1 Q2 Q3 Q4 Full year FY 2024 FY 2023 FY 2022 2024 78 78 79 79 314 €:USD Period end 1.039 1.105 1.067 2023 77 78 79 78 312 Average 1.082 1.081 1.053 2022 77 78 79 79 313
Slide 28: Patients, treatments, clinics
Patients, treatments, clinics Q4 2024 Conference Call as of December 31, 2024 as of December 31, 2023 Patients Treatments Clinics Patients Treatments Clinics United States 206,436 31,213,447 2,624 205,308 31,210,375 2,615 Growth in % 1 0 0 International 92,916 16,403,624 1,051 127,240 20,444,165 1,3
Slide 29: Segment information for FY 2021, 2022, 2023 and 2024
Segment information for FY 2021, 2022, 2023 and 2024 Q4 2024 Conference Call Growth Organic Growth Organic Growth Organic € million; % change year-over-year FY 2024 Growth FY 2023 Growth FY 2022 Growth FY 2021 at cc growth at cc growth at cc growth Total Revenue 19,336 -1 0 4 19,454 0 5 4 19,398 10
Slide 30: IR event calendar
IR event calendar Q4 2024 Conference Call Date Event Report on Q1 2025: Earnings Release and Conference Call Reporting May 6, 2025 AGM May 22, 2025 Annual General Meeting & August 5, 2025 Report on Q2 2025: Earnings Release and Conference Call November 4, 2025 Report on Q3 2025: Earnings Release and
Slide 31: Contacts
Contacts Q4 2024 Conference Call Fresenius Medical Care AG Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v. d. H. Germany Dr. Dominik Heger Ilia Kuerten Alicia Cahill Head of Investor Relations Vice President Senior Director ir@FreseniusMedicalCare.com and Investor Relations Investor Rel
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